Exhibit 11

                       Horace Mann Educators Corporation
                      Computation of Net Income per Share
               For the Three Months Ended March 31, 1997 and 1996
                 (Amounts in thousands, except per share data)



                                                Three Months Ended
                                                     March 31,
                                                -------------------
                                                 1997        1996
                                                -------     -------
                                                      
Primary - reported:

Weighted average number of common shares
  outstanding during the period                  23,665      23,424
                                                -------     -------

Net income for the period                       $19,400     $15,433
                                                -------     -------

Net income per share - assuming no dilution     $  0.82     $  0.66
                                                =======     =======

Primary:

Weighted average number of common shares
  outstanding during the period                  23,665      23,424
Weighted average number of common equivalent
  shares to reflect the dilutive effect of
  common stock equivalent securities:
    Warrants                                        123         117
    Stock options                                   346         324
    Common stock units related to Deferred
      Equity Compensation Plan for Directors         10           -
                                                -------     -------

Total common and common equivalent shares        24,144      23,865
                                                -------     -------

Net income per share                            $  0.80     $  0.65
                                                =======     =======

Percentage of dilution compared to reported
  net income per share                              2.4%        1.5%

Fully diluted:

Weighted average number of common shares
  outstanding during the period                  23,665      23,424
Weighted average number of common equivalent
  shares to reflect the dilutive effect of
  common stock equivalent securities:
    Warrants                                        123         117
    Stock options                                   356         324
    Common stock units related to Deferred
      Equity Compensation Plan for Directors         10           -
                                                -------     -------
Total common and common equivalent shares
  adjusted to calculate fully diluted
  earnings per share                             24,154      23,865
                                                -------     -------

Net income per share -
  assuming full dilution                        $  0.80     $  0.65
                                                =======     =======

Percentage of dilution compared to
  reported net income per share                     2.4%        1.5%